American Uranium Corporation
OTC Bulletin Board : AUUM

American Uranium Corporation

April 30, 2008 11:18 ET

American Uranium Corporation: News Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2008) - American Uranium Corporation (OTCBB:AUUM) -

To Our Shareholders

It has been nearly a year since the re-organization of American Uranium Corporation and I am writing to advise you of our accomplishments and business objectives.

First I am delighted with the progress made in less than a year. We have secured an Option/Joint Venture Agreement with Strathmore Minerals Inc. to earn a 60% interest in two advanced stage uranium projects in Wyoming's Powder River Basin.

The first project, Reno Creek, is considered one of the best advanced uranium projects in the United States, and is located only 30 miles away from the largest producing uranium project in the United States, Cameco's Smith Ranch In-Situ Recovery Project. Critical infrastructure and support for the area is already in place. We are advancing on permitting, engineering and pre-feasibility work at Reno Creek to place it in production by 2012.

Work on the Reno Creek Project by previous owners includes two positive feasibility studies, and the project already has a valid EPA/DEQ Deep Injection Well Permit. A January 2008 NI 43-101 Technical Report confirmed an increased resource of 10.8 million lbs U308. We agree with the report author that there is considerable potential to increase the resource beyond this amount, and our Joint Venture will be addressing this as part of the current year's work. A second independent NI 43-101 documenting the resources in the southwest extension of the Reno Creek deposit has just been released. This shows a compliant resource of 4.8 million lbs U3O8 as depicted in the chart below.



Pinetree-Reno Creek

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Total Property Tons Average Grade Pounds Ave. Ave. GT
Resource % Thick
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Measured 3,133,271 0.068 4,286,779 12.3 0.84
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Indicated 2,544,658 0.062 3,146,720 11.5 0.71
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Total (M+I) 5,677,929 0.065 7,433,499 11.9 0.78
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Inferred 2,633,800 0.065 3,406,771 13.2 0.86
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Southwest Reno Creek

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Total Property Tons Average Grade Pounds Ave. Ave. GT
Resource % Thick
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Measured 932,474 0.074 1,385,025 11.1 0.82
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Indicated 1,658,469 0.065 2,141,470 11.6 0.75
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Total (M+I) 2,590,943 0.068 3,526,495 11.4 0.78
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Inferred 1,163,130 0.057 1,327,635 11.4 0.65
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Our second project within the Strathmore JV is the Pine Tree uranium trend, which is a series of satellite deposits near Reno Creek with an historic resource of 8.4 million lbs U308 based on extensive drilling by previous owners.

Strathmore has proven to be an excellent joint venture partner. Their qualified and experienced project team, coupled with our technical input, is providing a clear and solid path to our ultimate objective: production in 2012.

Our principal focus is to meet our contractual obligations under the JV Agreement with Strathmore and to expand the resource base of the both Reno Creek and Pine Tree Projects. From that foundation we will be able to pursue additional exploration stage properties.

To earn our 60% interest in the Joint Venture our Company is required to spend $33 million USD within six years, and thereafter our proportionate share of capital and operating costs. To facilitate meeting these financial obligations, we plan to build an institutional following for our Projects and securities. We are also holding discussions with potential Asian and other strategic partners with a view to securing funding.

We are aware that there has been a recent decline in our share price. However, in my view, that decline is more a reflection of the general state of the capital markets than on our Company's performance, given the progress made during the past year. As mentioned above our two current projects are showing robust resource estimates.

We are well positioned to take advantage of the strategic opportunities we have secured.

Our management team, Board members and advisors are focused on meeting our business objectives and delivering shareholder value. On behalf of our team I thank you for your support and interest in our Company's future.

Yours truly,

AMERICAN URANIUM CORPORATION INC.

Robert Rich, PhD - Geology, President and Chief Executive Officer

Legal Notice regarding Forward Looking Statements

Statements in this letter that are not historical facts are considered forward looking statements. Forward looking statements in this letter include that we will place Reno Creek in production by 2012; that there is considerable potential to expand the resource beyond 10.8 million lbs U308; that we can expand the resource base of the both Reno Creek and Pine Tree Projects; that we can pursue the acquisition of one or more other exploration stage properties; that we can apply for listing on the TSX's Venture Exchange; that we can establish an institutional following; that we can secure financing and/or an investor relationships from strategic partners.

Factors which may delay or prevent these forward looking statements from being realized include misinterpretation of data; that we may not be able to keep our qualified personnel; that we may not be able to agree with our joint venture partner on a course of action or interpretation of our JV agreement; that our estimates of mineral resources are inaccurate; uncertainties involved in the interpretation of drilling results and other tests and the estimation of resources; that we may not be able to get equipment or labor as we need it; that we may not be able to raise sufficient funds to complete our intended exploration, purchase, lease or option payments; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that analysis of data cannot be done accurately and at depth; that results which we have found in any particular location are not necessarily indicative of larger areas of our property; that we may not qualify to list on TSX-V and even if we do, institutional investors may not be interested in our stock; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures outlined in the Company's most recent Form 10-KSB and other periodic reports filed from time to time with the Securities and Exchange Commission.

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